Statute of limitaions on credit reporting in Louisiana?
I live in Louisiana and am trying to clean my credit report. I understand that there is a statute of limitations determined by state that says how long creditors can report. Not all of my debts are from Louisiana. Does this statute only cover those debts from Louisiana or does it cover them all since I now reside here?
I am not looking for federal limitations….some states have limitations ranging from 2 to 10 years. In louisiana I believe that it is 3 years.
You are mixing up two different time lines.
Statute of limitations are State laws and address the time period that creditors have to take you to court and sue.
The time that creditors can report is a Federal law and is governed by the Fair Credit Reporting Act and it's 7-years from the date of first delinquency which works out to 7-years and 180-days.
The federal statue is 7 years. 7 years from the last time you had any activity on the account. Don't let them BS you around if the dect is resold to another creditor. After 7 years, if they still have not removed the negative listing – contact the credit bureaus and they will remove the item(s).
References :
Here is the SoL for your state
Louisiana Statutes of Limitation
Contracts: 10 years.
Open accounts: 3 years.
Lawsuits, which are filed but not pursued, become null three years after the last action taken.
Judgment: 10 years, and if not renewed within the ten years become a nullity.
Here are the federal time limits that credit reporting agencies follow when reporting derogatory debts.
The credit bureaus keep your personal credit history for periods between 7 and 10 years:
Unpaid Tax Lien – Indefinitely
Chapter 7 Bankruptcies – 10 years from date filed.
Public Records – 7 years from the date of payment;
Closed or Inactive Accounts – 10 years from the date of last activity;
Derogatory Accounts – 7 years from the date of original delinquency;
The SoL clock starts 180 days from the Date of Last Activity.
Hope this is of help.
References :
http://www.access.gpo.gov/uscode/title15/chapter41_subchapteriii_.html
US CODE TITLE 15 CHPT 41 CONSUMER CREDIT PROTECTION
You are mixing up two different time lines.
Statute of limitations are State laws and address the time period that creditors have to take you to court and sue.
The time that creditors can report is a Federal law and is governed by the Fair Credit Reporting Act and it's 7-years from the date of first delinquency which works out to 7-years and 180-days.
References :
Finance Manager for over 7-years / 2007 edition Consumer Action Handbook free at http://www.ConsumerAction.gov